India Trade Balance August 2022


India: Merchandise exports rise at a slower pace in August

September 15, 2022

Merchandise exports increased 1.6% on an annual basis in August, following July’s 2.1% increase. The outturn marked the slowest growth since February 2021. Meanwhile, merchandise imports soared 37.3% over the same month last year in August (July: +43.6% yoy).

As a result, the merchandise trade balance improved from the previous month, recording a USD 28.0 billion deficit in August (July 2022: USD 30.0 billion deficit; August 2021: USD 11.7 billion deficit). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 272.3 billion deficit in August, compared to the USD 258.1 billion deficit in July.

In FY 2022, our panelists forecast that exports and imports will increase 12.9% and 17.6%, respectively, bringing the merchandise trade deficit to USD 254 billion. In FY 2023, our panelists forecast that exports will increase 4.3%, while imports will grow 1.4%, resulting in a merchandise trade deficit of USD 243 billion.


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India Trade Balance Chart

India Trade12m August 2022

Note: 12-month sum of trade balance in USD billion and annual variation of the 12-sum of exports and imports in %.
Source: Ministry of Commerce and Industry and FocusEconomics calculations.

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